1. Basic Details
This includes the address and legal description of the property,
and the names of the vendor, purchaser and brokers involved.
2. Price
Depending on the market conditions, your opinion of the value of
the home and the information provided by your RE/MAX Associate,
the price you offer may be different from the seller's asking price.
3. Chattel - Inclusions and Exclusions
Items within the home that will be included in the purchase price
such as appliances, fixtures or decorations such as drapes or mirrors
are referred to as chattel. Don't assume that anything will be left
behind. If you want it, put it in writing.
4. Deposit
The deposit shows your good faith and will be applied against the
purchase of the home when the sale closes. Deposits are usually no
more than 3-5% of the purchase price, but a larger deposit can show
the vendor that you're serious. Your RE/MAX associate will advise you
on the appropriate amount, and you may wish to stipulate that some
interest be paid on it in the meantime.
5. Terms
These include the total price of your offer as well as the financing
details. You may arrange your own financing or may ask to assume the
seller's mortgage, especially if it has an attractive interest rate.
There will also be an expiration date and time after which the offer
is no longer valid.
6. Conditions
These might make your offer subject to home inspection, to your
obtaining financing or to your selling your property.
7. Closing or Possession Date
Generally, the date the title of the property is legally transferred
and the transaction of funds is finalized between 30 and 90 days from
the date of the offer. This is often a good negotiating point as vendors
usually have a fixed date in mind.
8. Request for a Current Survey of the Property
If the vendor does not have one, you may wish to make one obtaining a
land survey a condition of the closing. In most cases, the vendor will
not pay for a new survey. As discussed earlier, you can ask the vendor
to provide a "Declaration of Possession" or you could buy a "Title
Insurance" policy instead. If however, you are planning to add to
the house or build a garage, the best idea is to request a new survey -
you'll likely need it to get your building permits.
